NORTH PLAINS, Ore.,
Jan. 9, 2020 /PRNewswire/
-- Jewett-Cameron Trading Company Ltd. ("Jewett-Cameron")
(NASDAQ:JCTCF) announces it has completed the private repurchase
and cancellation of a total of 490,120 common shares from the
Company's two largest shareholders.
300,000 common shares were repurchased from Michael Nasser, Company co-founder and current
Officer and Director, and 190,120 common shares were repurchased
from the Donald Boone Irrev Trust, which holds the common shares
formerly owned by Donald Boone,
Company co-founder and former Officer and Director, after his
passing in May 2019. The price for
all the repurchased shares was $7.89,
which is the Volume Weighted Average Price (VWAP) of all
Jewett-Cameron shares traded on NASDAQ during the first quarter of
fiscal 2020 ended November 30,
2019.
"The repurchase of these shares was beneficial for the Company,
the sellers, and our shareholders," said CEO Charlie Hopewell. "For the Company, we were able
to utilize a portion of our current excess cash through a quick
repurchase at a fixed price. For the sellers, co-founder Mr. Nasser
sold a portion of his shares for financial planning purposes, while
the Donald Boone Irrev Trust sold to distribute a specific amount
of cash to the Trust's beneficiaries to fulfill the last will and
testament of our other co-founder, Donald
Boone. For all our shareholders, we hope they will benefit
from higher EPS based on fewer outstanding shares."
The total cost of the repurchase of the shares was $3,867,047 and was funded from the Company's
current cash position. The repurchase and cancelation represents
approximately 12% of the Company's previously issued and
outstanding shares. After the cancelation of the repurchased
shares, the Company has 3,481,162 common shares
outstanding.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company is a holding company that,
through its subsidiaries, operates out of facilities located in
North Plains, Oregon.
Jewett-Cameron Company's business consists of the manufacturing and
distribution of patented and patent pending specialty metal
products, wholesale distribution of wood products, seed processing
and sales, and sales of industrial tools and clamps. The Company's
brands include Lucky Dog, Animal House and AKC licensed products in
the expanding pet market; fencing products under the
Adjust-A-Gates, Fit-Right, Perimeter Patrol, and LIFETIME POST™
systems brands; Early Start, Spring
Gardner, and Weatherguard for greenhouses; and TrueShade for
patio umbrellas, furniture covers and canopies. Additional
information about the Company and its products can be found the
Company's website at www.jewettcameron.com.
Forward-looking Statements
The information in this release contains certain forward-looking
statements that anticipate future trends and events. These
statements are based on certain assumptions that may prove to be
erroneous and are subject to certain risks, including but not
limited to, the uncertainties of the Company's new product
introductions, the risks of increased competition and technological
change in the Company's industry, and other factors detailed in the
Company's SEC filings. Accordingly, actual results may
differ, possibly materially, from predictions contained herein.
For further information, contact:
Charlie Hopewell
President and CEO
(503) 647-0110
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SOURCE Jewett-Cameron Trading Company Ltd.